Socialist Stewart Alexander: The Great Recession Lingers on for Working People
Stewart Alexander 2012
http://socialistparty-usa.org/ http://www.gp.org/index.php Just in time for the November Mid-Term Elections and Christmas, the National Bureau for Economic Research (NBER) published a rosy report that the U.S. recession ended in June 2009; however, Stewart Alexander, with the Socialist Party USA says “Working people have seen no signs of an economic recovery since the beginning of 2007.”
The National Bureau for Economic Research is a nonprofit group entrusted by the government with determining when a recession begins and ends. Stewart Alexander says this group of economists and analyst are “providing misleading information and data that has only reflected the market conditions for Wall Street from December 2007 ending in June 2009.”
In a recent article by Rick Wolff, the author stated “What recovered were the corporate profits that had fallen from the crisis’s beginning in late 2007 until they hit bottom in late 2008. After that, corporate profits recovered and rose to mid-2010 lifting the stock market with them.”
Alexander says “Working people have not seen any signs of an economic recovery; as many as 22 million Americans are out of work. U.S. home sales plunged to the lowest level in 15 years, millions of working people are in jeopardy of losing their homes, and jobless claims have risen to the highest levels in 9 months. The U.S. is in the deepest recession in the past 80 years and there are no signs of a recovery.”
Stewart Alexander also notes that the number of those living in poverty throughout the U.S. is on the rise. The Census Bureau recently released data showing 1 in 7 in the U.S. lives below the poverty line. Alexander says “that number should be closer to 1 in 4.”
The poverty threshold last year was $10,956 for one person and 21,954 for a family of four. Alexander says “That poverty threshold has been determined by capitalists. According to socialists, the poverty threshold should be $20,780 for one person and $41,850 for a family of four; indexed to the cost of living.”
Alexander says the timing of the NBER report has been timed precisely to the upcoming November Elections and Christmas, to instill working people with a false sense of national security that the economy is getting better. The report is like gasoline prices, the prices are better before the elections; after the elections, reality hits home.”
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Stewart Alexander 2012
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Socialist Party of California
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